{"id":183723,"date":"2017-07-05T09:58:48","date_gmt":"2017-07-05T07:58:48","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=183723"},"modified":"2017-07-05T09:58:48","modified_gmt":"2017-07-05T07:58:48","slug":"amazon-completes-580-million-acquisition-of-souq-com","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/internet\/183723\/amazon-completes-580-million-acquisition-of-souq-com\/","title":{"rendered":"Amazon completes $580 million acquisition of Souq.com"},"content":{"rendered":"

Online retail giant, Amazon has confirmed its acquisition of Dubai-based e-commerce firm Souq.com for a reported $580 million.<\/p>\n

The company filed\u00a0 with US stock exchange, the Nasdaq this week.<\/p>\n

Souq.com is a Dubai-based online retail service whic sells more than 8.4 million products across 31 categories in the UAE, Egypt and Saudi Arabia.<\/p>\n

The company was valued at $1 billion in its last funding round, Bloomberg reported. The retailer secured $275 million in February 2016 from investors including Standard Chartered Private Equity, International Finance Corp and Baillie Gifford.<\/p>\n

Initially an investor in Souq.com, SA internet firm Naspers, in March, said it signed an agreement for the sale of its interest in the company to Amazon for US$173 million.<\/p>\n

\n

Read: Naspers shows appetite for Takealot profitability<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Online retail giant, Amazon has confirmed its acquisition of Dubai-based ecommerce firm Souq.com for a reported $580 million. <\/p>\n","protected":false},"author":10,"featured_media":797,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9882],"tags":[25],"class_list":["post-183723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-internet","tag-active"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/183723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=183723"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/183723\/revisions"}],"predecessor-version":[{"id":183749,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/183723\/revisions\/183749"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/797"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=183723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=183723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=183723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}